Construction starts on new mill apartments

NEW BEDFORD — Construction has begun on a new 126-unit apartment complex in the North End, the third in the city by the developer of Wamsutta Mills and Victoria Riverside.

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By NATALIE SHERMAN

southcoasttoday.com

By NATALIE SHERMAN

Posted May. 12, 2012 at 12:01 AM

By NATALIE SHERMAN

Posted May. 12, 2012 at 12:01 AM

» Social News

NEW BEDFORD — Construction has begun on a new 126-unit apartment complex in the North End, the third in the city by the developer of Wamsutta Mills and Victoria Riverside.

"Years ago, because there was no building, landlords had a monopoly. Now with a new product there, they have to be more competitive," said Jeffrey Rome, who did the financing on the project.

The Riverbank Loft apartments — two-bedroom, two-bathroom units in the range of $1,100 a month — should be available for occupancy in about 18 months, said developer Stephen Ricciardi.

"Thirteen hundred square feet — that's a small house," he said.

The $23.4 million renovation of a former yarn mill on the Acushnet River calls for a tennis court, free wireless Internet for tenants and a community garden. "Practice makes perfect and this will be the best project yet," Rome said.

The new apartments will bring economic development to the neighborhood near the Cliftex mill buildings, which sit next to the path of a "riverwalk" planned for that part of the Acushnet River, said New Bedford Economic Development Council Director Matthew Morrissey.

"In 24 months in front of this building ... there will be a public gathering place, a park, green space, a fountain and behind the building there will be a 1.6-mile Riverwalk to allow families in those neighborhoods to walk down and enjoy the water," Morrissey said, adding that the state helped speed through approval of a permit allowing the building's use to be converted.

With more than 40,000 rental units in New Bedford, the new development will provide high-quality housing without hurting any local landlords, Morrissey said.

"There's no significant impact to the overall rental housing market by having another 100 units," he said. "Competition is good for New Bedford."

"While I have reservations about adding large housing developments to our housing stock, this development, I believe, will add great value to a neighborhood that is up and coming," Mayor Jon Mitchell said.